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US stock futures steadied on Thursday as the tech rout eased, with Walmart (WMT) earnings in early focus before the highly anticipated start of the Federal Reserve’s gathering at Jackson Hole.
S&P 500 futures (ES=F) hugged the flat line, while those on the tech-heavy Nasdaq 100 (NQ=F) nudged 0.1% higher. Meanwhile, Dow Jones Industrial Average (YM=F) slipped roughly 0.2%.
Stocks mostly slid Wednesday, with the Nasdaq falling 0.7%. Investors are flocking to other sectors amid mounting fatigue with Big Tech over concerns on AI spending.
Minutes from the Fed’s last meeting showed most officials were primarily focused on persistent inflation even as the labor market showed signs of weakness. The release also indicated broad support for holding rates steady in July, despite two officials dissenting from the move.
Walmart (WMT) earnings on Thursday will cap a week of results from retail giants, and investors have high expectations. Earlier this week, Home Depot (HD) and Target (TGT) also reported earnings.
Wall Street is counting down to Friday, when Federal Reserve Chair Jerome Powell is set to deliver a speech at the Jackson Hole symposium in Wyoming. Economic data this month revealed policymakers face a tough choice on rate cuts in light of a faltering labor market and sticky inflation, so any clues as to what may come next will be in high focus.
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Bloomberg reports:
